Credit Card News

AMEX Offers More Benefits To Small Business Owners

6 July 2012 by

AMEX Offers More Benefits To Small Business Owners

American Express has improved their Plum Card product for small business. Adding flexible payment options, they are making credit more available to entrepreneurs who need better cash flow to keep up their operational costs.

The first thing you will notice about the Plum Card is that cardholders who pay early will get a discount on their remaining balance. You will get this even if you do not pay in full. Furthermore, you will also get an additional 60 days to repay the balance if you make a payment of at least 10 percent.

This is just the beginning of the benefits the American Express Plum Card offers to small business owners. In order to understand these benefits, though, you have to first look at how the Plum Card works so that you can develop a strategy that will serve you best.

For example, you need to remember that the Plum Card is a charge card and not a line of revolving credit. This means that you will have to pay off the balance every month. This is of great benefit to small business owners who may not have the desire or the means to pay interest every month.

The additional timeframe for payment also makes it easier to avoid finance charges. Michael Guevremont of EPS Safety attests to this experience with his Plum Card,

When times are tight, the extended terms help us with cash flow.

Indeed, the extra 60 days provided to cardholders who make an initial payment of 10 percent is somewhat of a Godsend. With no interest or penalties assessed within that period it is quite a gracious amount of time to work around. Furthermore, though, when cardholders make this 10 percent payment before or within ten days of the statement closing date, they will also receive a 1.5 percent discount on the amount that they did pay.

This benefit is actually not new, but it used to be only available to payments made in full, not for those as little as 10 percent. Now it is much more flexible, which creates more opportunity for every American Express Plum Card holder.

Federico Acuna, Vice President of Charge Cards at American Express says,

Our focus is to keep empowering small businesses with the right tools to allow them do more business and that includes helping them understand and manage cash flow. Plum Cardmembers have earned and reinvested hundreds of millions of dollars in their businesses. The current enhancement to the product is addressing the need for greater payment flexibility while still providing unique trade terms on a payment solution.

American Express also offers a uniquely beneficial savings program called OPEN. This savings plan gives small business owners exclusive discounts with merchant partners that small businesses might use quite often. This list of partners includes FedEx, Hertz, Office Max, Marriott, and many more.

American Express cardholders, then, will find great savings, but since the OPEN platform syncs with Twitter, Foursquare, and several other social media networks, a wide variety of savings are also available for the tech savvy.

Similar Credit Card News:






Digg it! Buzz it! Google it! Stumble it! RSS it!


Copyright © 2014 | Image: Not posted | Categories: Credit Card News


Add a Comment




Home | RSS Feeds | Terms | Sitemap | Contacts Copyright © 2014 - CreditCardsCo™ - All rights reserved.